Prime Minister Narendra Modi has urged for the establishment of a global mechanism to combat cyber fraud, emphasizing the need for international collaboration among governments, telecom operators, and financial institutions. Speaking at the Indian Mobile Congress in New Delhi, Modi highlighted the transnational nature of cybercrime, where criminals exploit networks across multiple jurisdictions to target victims worldwide.
Modi’s call to action comes in the wake of a BRICS declaration expressing concern over organized scam networks and cross-border financial fraud. The declaration advocates for enhanced cooperation among law enforcement, financial intelligence units, customs authorities, and technology platforms to detect suspicious transactions and curb money laundering.
Recent reports have linked scam operations in countries like Cambodia, Myanmar, and Laos to various online frauds, including impersonation scams, fake investment schemes, and loan-related extortion. These operations have also been associated with human trafficking, where individuals are reportedly deceived by false job offers and coerced into criminal activities.
In India, cybercrime poses a significant financial threat. Government data presented in Parliament revealed that reported losses surged from ₹7,465 crore in 2023 to ₹22,845 crore in 2024. These figures underscore the urgent need for stronger preventive measures, increased public awareness, and improved coordination among authorities.
During his speech, Modi also highlighted India’s rapid digital transformation, noting advancements in mobile connectivity, digital banking, and direct benefit transfers. He cited that the digital ecosystem has facilitated access to government services, education, healthcare, and financial aid, contributing to the country’s progress.
Additionally, Modi emphasized the importance of India not only consuming digital technology but also developing its own products, research capabilities, and intellectual property. He mentioned advancements in semiconductor manufacturing and advocated for investment, innovation, and domestic technology development in the telecom sector.
Modi urged the Indian Mobile Congress to serve as a platform for fostering research, manufacturing, and technological innovation, while also focusing on strengthening digital security and promoting international cooperation.